Document Management Systems Market expected to be worth 6.78 Billion USD by 2023

(IT-NEWSWIRE.COM, December 06, 2017 ) The report "Document Management Systems Market by Offering (Solutions, Services), Deployment Mode (On-Premise, Cloud-Based, and Hybrid), Organization (Small & Medium-Sized Enterprise, Large Enterprise), Application, and Geography - Global Forecast to 2023", The document management systems market is expected to grow from USD 3.59 Billion in 2017 to USD 6.78 Billion by 2023, at a CAGR of 11.17% between 2017 and 2023. Market growth is mainly driven by the benefits of these systems, initiatives from organizations to reduce paper wastage, exponential growth in digital content generation across enterprises, and ease of maintaining compliance.

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Cloud-based deployment mode expected to hold the largest market share by 2023

The cloud-based deployment mode is expected to hold the largest share of the document management systems market by 2023. Cloud services help organizations reduce their overall operations costs while providing highly flexible and scalable enterprise solutions. Hence, companies are highly deploying cloud solutions to improve mobility, enhance data collaboration, and reduce data loss during transit.

Government applications are expected to grow at the highest CAGR during the forecast period

Of all the applications, the government application segment is expected to grow at the highest rate during the forecast period. Government agencies are subject to stringent data security standards and strict audit policies. The majority of government agencies are deploying enterprise data management solutions to ensure business continuity as well as maintain the trail of data in different functional departments.

North America expected to hold the largest market share, APAC to witness the highest growth rate

North America is expected to hold the largest share and dominate the document management systems market between 2017 and 2023. North America, being technologically advanced, is a leader in the market. North America is the early adopter of the latest technology; moreover, awareness on the benefits of document management systems and similar products is high in the region.

Some key players in this region include OpenText Corporation (Canada), Xerox Corporation (US), IBM Corporation (US), eFileCabinet Inc. (US), SpringCM (US), Oracle Corporation (US), and Hyland Software Inc. (US).

The document management system market in Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period. Infrastructural developments in the field of IT and business processes are expected to create a demand for document management systems in this region.

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Document Management Systems Market expected to be worth 6.78 Billion USD by 2023